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Aspen Aerogels, the maker of nanotechnology-based insulation products, has snagged $37 million in venture capital, according to a statement on the company’s website. The privately-held company, based in Northborough, MA, received the investment from Arcapita Ventures, Lehman Brothers Venture Partners, Reservoir Capital Group, and RockPort Capital Partners.

The company says its aerogel-based insulation products are as much as eight times more effective at conserving heat and energy than existing materials. That enables customers to save money in various industries like oil and gas production, airplane manufacturing, and even outdoor clothing.

“Aspen’s proprietary aerogel technologies and manufacturing processes have the potential to redefine large portions of the $30 billion global insulation market,” said Ramsey Battin, director of Arcapita Ventures, in a company statement.